BSP, SM sign agreement for Coin Deposit Machine project
Bangko Sentral ng Pilipinas (BSP) and SM Retail Inc. recently signed a Bilateral Memorandum of Agreement (MOA) to deploy coin deposit machines at SM’s retail stores. With this, shoppers will soon be able to quickly and conveniently deposit their coins in the automated machines, which in turn can be credited to their e-wallets or converted to The SM Store vouchers. The BSP-initiated project aims to boost coin recirculation in support of its ongoing Coin Recirculation Program and promote financial inclusion and digitalization.
Photo at the MOA signing with BSP retail partners shows BSP Governor Felipe Medalla (third from right), Deputy Governor Bernadette Romulo-Puyat (second from right), Senior Assistant Governor and General Counsel Elmore Capule (far right) with SM Retail Inc. Controllership and Financial Planning Senior Vice President Jonathan Ng (third from left), Vice President for Treasury Jeffrey Ang (second from left), and Senior Assistant Vice President for Treasury Lisa Cham (far left). Coin deposit machines will be initially deployed in 22 SM branches during the pilot run of the project.